Mechanical Watch Global Market Report 2024

The mechanical watch market size has grown steadily in recent years. It will grow from $42.85 billion in 2023 to $43.98 billion in 2024 at a compound annual growth rate (CAGR) of 2.6%. The expansion observed in the historical period can be attributed to several factors. These include the increasing awareness regarding mechanical watches, a growing market for mechanical timepieces, overall economic growth, and the rise of crowdfunding and internet platforms facilitating access to such products.

The mechanical watch market size is expected to see steady growth in the next few years. It will grow to $49.64 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The anticipated growth in the forecast period can be attributed to several key factors. These include the increasing sales of watches in store-based outlets, the rising influence of fast fashion trends, and a combination of factors such as appreciation for classical horology, growing interest in vintage styles, and the proliferation of manufacturing units catering to these preferences. Major trends expected during this period encompass technological advancements in watchmaking, innovation in materials used for watch construction, the development of smart features integrated into traditional timepieces, ongoing product innovations aimed at meeting evolving consumer demands, and the enhancement of movements through technology-driven improvements.

The mechanical watch market is poised for growth, driven by the increasing demand for luxury goods. Luxury goods, characterized by superior craftsmanship, exclusivity, and prestige, are sought after due to rising wealth, disposable income, and the aspiration for social status. This demand for luxury items fuels the popularity of mechanical watches, emphasizing their craftsmanship, exclusivity, status, and investment potential. For example, in 2022, a significant portion of consumers in Sweden purchased luxury items, reflecting the global trend driving the growth of the mechanical watch market.

Key players in the mechanical watch market are prioritizing innovation to enhance their timepieces' appeal and exclusivity. Innovative products, such as watches with three-dimensional openwork dial designs, are being developed to create visually striking and intricate aesthetics. For instance, CIGA Design introduced the 3-in-1 designer mechanical watch in July 2022, featuring a unique construction seamlessly transitioning between mechanical, smart, and hybrid modes. Its transparent dial showcases intricate inner workings, crafted from premium materials for durability and style, setting a new standard in watch design.

In August 2023, Rolex SA acquired Bucherer AG to strategically strengthen its presence in the luxury watch retail market. This acquisition underscores Rolex's commitment to maintaining its long-standing partnership with the renowned retailer and reinforces its position in the mechanical watch industry. Bucherer AG, known for its significant presence in luxury watches and jewelry, adds value to Rolex's portfolio and enhances its market position.

Major companies operating in the mechanical watch market are Pobeda LCC, Rolex Watch U.S.A. Inc., Citizen Watch Co. Ltd., Seiko Watch Corporation, FOSSIL GROUP Inc., Cartier International SNC, TAG Heuer, Piaget SA, OMEGA SA, Le Petit-Fils de L.-U. Chopard & Cie S.A., Jaeger-LeCoultre SA, Vacheron Constantin SA, Blancpain SA, Bulova, Tissot SA, Hublot, Montres Tudor SA, Invicta Watch Group, Oris SA, Hamilton International Ltd., Bell and Ross, PATEK PHILIPPE SA, Kairos Watches Inc., IWC International Watch Co. AG, Charles-Hubert Paris.

North America was the largest region in the mechanical watches market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mechanical watch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the mechanical watch market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Mechanical watches are timepieces that function via intricate mechanical movements, driven by a mainspring and regulated by a balance wheel. They operate solely through mechanical processes, without electronic components for timekeeping.

The primary types of mechanical watches in the market include stainless steel, leather, metal, titanium, rubber, plastic, and other variations. Stainless steel mechanical watches feature a durable and corrosion-resistant metal alloy, commonly utilized in high-quality timepieces requiring sturdy and long-lasting construction. These watches cater to both men and women and are distributed through various channels, including store-based and non-store-based outlets.

The mechanical watches market research report is one of a series of new reports that provides mechanical watches market statistics, including mechanical watches industry global market size, regional shares, competitors with a mechanical watches market share, detailed mechanical watches market segments, market trends, and opportunities, and any further data you may need to thrive in the mechanical watches industry. This mechanical watch research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The mechanical watches consist of sales of automatic watches, manual wind watches, moon phase watches, skeleton watches, and Ethos watches. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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